Market Challenges And Opportunities

Ability of these ubiquitous equipment to reduce the manual labor and enhance productivity is expected to remain the primary growth driver

Increasing demands for automotive production are expected to provide significant boost to the demand growth

According to Organisation Internationale des Constructeurs d’Automobiles (OICA), international production of vehicles witnessed an increase of around 4.5% over the year, accounting for an increase of around 94 million units in 2016. Requirement of power tools to enable human workforce to support the production tasks along with the high-tech machinery is expected to drive the demands for power tools. Moreover, Substantial benefits of cordless equipment over the corded alternatives is expected to generate the demand for replacement of the conventional instruments. Chief global trends such as demand growth for electronic vehicles and do-it-yourself (DIY) are expected to augment major growth prospects to the industry.

Professional end use segment is expected to continue its dominance the cordless power tools market share

Major requirements in the professional application segments such as construction, manufacturing, automotive and high affordability of the segment industry participants is expected to provide strong foothold to the business growth. The household segment is expected to gain major traction, owing to increasing of manual labor and lack of human resource for small household projects.